Page 35 - Wells Fargo Bank (C) Case Study

Mr. Stumpf repeatedly said any forfeited compensation was

an issue for the board — of which he is the chairman — to
take up. “Whatever the board accepts, whatever they do, I

will accept and I will support,” he said.

Stumpf resigned a week after the House hearing not waiting
till January as planned. He also forfeited $41 million in pay.

This represented all of his unvested equity awards, but he

already held nearly 5.5 million shares of stock owned
outright or vesting imminently as of March, when Wells

Fargo filed an annual disclosure of his holdings.

Based on share price of $45.09, those 5.5 million shares
would be worth approximately $247 million.